Journal Of The Canadian Bankers' Association (volume 14)

Paperback | February 4, 2012

byCanadian Bankers' Association

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907. Excerpt: ... was held for twenty-seven months before payment was demanded, it was held that the endorsers were not discharged. It would, however, be doubtful wisdom on the part of the bank to allow so long a delay in ordinary cases. The expression "collateral security" is sometimes used in the sense of a secondary, at other times, in the sense of a primary security. We have so far dealt with bills and notes deposited with the bank as a primary security, but it often happens that the bank also holds liable some person who may occupy the position of a surety, in which case care should be exercised in dealing with the securities if the surety is to be held liable. Our Code provides that the suretyship is at an end, when by the act of the creditor the surety can no longer be subrogated in the rights, hypothecs and privileges of such creditor, for if the surety be called upon to pay and does pay the debt he has a right to be subrogated in all the rights which the creditor has against the debtor. The law of Ontario is to the same effect. "Every person who being a surety for the debt of another.... pays the debt.... shall be entitled to have assigned to him--every judgment, specialty or other security which is held by the creditor." The bank must also use diligence in getting paid its advance, at least when there has been any such understanding between it and the surety. In the case of the Banque du Peuple vs. Pacaud (2 Q.B. 424), the bank discounted a note and received collateral security from a third party on condition that it would use diligence in collecting the note. It renewed the note, and released one of the endorsers for a consideration. The depositor of the collateral sued for and recovered it. (2). Loans on Other Negotiable Securities. The expression "negotiable s...

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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1907. Excerpt: ... was held for twenty-seven months before payment was demanded, it was held that the endorsers were not discharged. It would, ho...

Format:PaperbackDimensions:136 pages, 9.69 × 7.44 × 0.29 inPublished:February 4, 2012Publisher:General Books LLCLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0217932975

ISBN - 13:9780217932974

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